Gilead Sciences (GILD) Wells Fargo 21st Annual Healthcare Conference summary

Strategic focus and portfolio diversification

• Management has prioritized diversification beyond virology, expanding into oncology and inflammation over the past seven years.

• Progress has been made in HIV treatment and prevention, oncology (notably cell therapy and ADCs), and inflammation, with several recent acquisitions bolstering the pipeline.

• The company is advancing both internal assets and acquired molecules, aiming for differentiated, high-impact therapies across all three areas.

• Prioritization of assets is now necessary due to the breadth of the portfolio, with a focus on high-probability, high-reward programs.

• Ongoing business development and internal research continue to supplement the pipeline, with an emphasis on early-stage opportunities.

HIV and virology pipeline updates

• Multiple HIV prevention options are being developed, including daily oral, weekly oral, six-month subcutaneous, and yearly intramuscular regimens.

• Regulatory submissions for weekly oral lenacapavir are based on PK/PD modeling and bridging data, with approval anticipated in early next year.

• Once-yearly injectable PrEP is in phase III, targeting similar or higher drug levels as the six-month option.

• Treatment advances focus on long-acting combinations, with a six-month regimen in development combining lenacapavir and a new integrase inhibitor.

• The goal is to match or exceed the efficacy and resistance profile of current gold standards like BIKTARVY.

Oncology and cell therapy advancements

• Cell therapy portfolio strengthened by the Arcellx acquisition, with anito-cel showing strong efficacy and a differentiated safety profile in multiple myeloma.

• No delayed neurotoxicity or enterocolitis observed in over 400 anito-cel patients, supporting its safety advantage.

• Tubulis acquisition adds a novel ADC platform, with TUB-040 demonstrating a 60% response rate in platinum-resistant ovarian cancer.

• ADC technology enables higher dosing and broader tumor targeting, with additional candidates in the pipeline.

• TRODELVY continues to grow in breast cancer, with new data expected in other indications.